LAVAL, Quebec, March 17, 2015 /CNW/ -- Valeant Pharmaceuticals
International, Inc. (NYSE: VRX) (TSX: VRX) has priced its
previously announced registered offering of common shares in
the United States (the
"Offering"). Pursuant to the Offering, the Company will issue
7,286,432 common shares at a price of $199.00 per share, for aggregate gross proceeds
of approximately $1.45 billion. The
Company will file with the U.S. Securities and Exchange Commission
a final prospectus supplement to its effective shelf registration
statement on Form S-3 in connection with the Offering. Closing of
the Offering is expected to occur on or about March 27, 2015.
The Company has also granted to the underwriter of the Offering
an option, exercisable for a period of 30 days following the date
of the final prospectus supplement, to purchase additional common
shares equal to up to 15% of the common shares initially sold.
The Company expects to use the net proceeds of the Offering,
together with borrowings under the Company's incremental term loan
facilities, the proceeds of an offering of the Company's senior
notes and cash on hand, to fund the purchase price of the
previously announced acquisition of Salix Pharmaceuticals, Ltd.
("Salix"), as well as repayments of indebtedness of Salix and
certain transaction expenses. The Company intends to use any
remaining proceeds for general corporate purposes, including
acquisitions and debt repayments.
Deutsche Bank Securities is acting as sole book-running manager
for the Offering and HSBC, MUFG, DNB Markets, Barclays, Morgan
Stanley, RBC Capital Markets and SunTrust Robinson Humphrey are
acting as co-managers for the Offering.
A copy of the final prospectus supplement and accompanying
prospectus relating to the Offering in the United States (the "Prospectus") will be
available on EDGAR at www.sec.gov. Alternatively, a
copy of the Prospectus, when available, may be obtained from
Deutsche Bank Securities Inc., Attention: Prospectus Group at 60
Wall Street, New York, NY
10005-2836, telephone: 1-800-503-4611, email:
prospectus.CPDG@db.com. The common shares have not been and will
not be qualified for sale to the public by prospectus under
applicable Canadian securities laws and the common shares may not
be offered or sold to any purchaser located or resident in any
province or territory of Canada.
This press release shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The Offering is
subject to customary stock exchange approvals.
About Valeant
Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) is a
multinational specialty pharmaceutical company that develops,
manufactures and markets a broad range of pharmaceutical products
primarily in the areas of dermatology, eye health, neurology, and
branded generics. More information about Valeant
Pharmaceuticals International, Inc. can be found at
www.valeant.com.
Caution Regarding Forward-Looking Information and "Safe
Harbor" Statement
This press release may contain forward-looking statements,
including, but not limited to, our financing plans and the use of
proceeds of the proposed Offering, the consummation of the proposed
acquisition of Salix, and the repayment and redemption of
indebtedness of Salix. Forward-looking statements may generally be
identified by the use of the words "anticipates," "expects,"
"intends," "plans," "should," "could," "would," "may," "will,"
"believes," "estimates," "potential," "target," or "continue" and
variations or similar expressions. These statements are based upon
the current expectations and beliefs of management and are subject
to certain risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. These risks and uncertainties include, but are not
limited to, risks and uncertainties discussed in our most recent
annual and quarterly reports and detailed from time to time in our
other filings with the Securities and Exchange Commission and the
Canadian Securities Administrators, which risks and uncertainties
are incorporated herein by reference. Readers are cautioned not to
place undue reliance on any of these forward-looking statements.
These forward-looking statements speak only as of the date hereof.
We undertake no obligation to update any of these forward-looking
statements to reflect events or circumstances after the date of
this press release or to reflect actual outcomes, except as
required by law.
Contact Information:
Laurie W. Little
Valeant Pharmaceuticals International, Inc.
949-461-6002
laurie.little@valeant.com
Media:
Renee E. Soto/Meghan Gavigan
Sard Verbinnen & Co.
212-687-8080
rsoto@sardverb.com / mgavigan@sardverb.com
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SOURCE Valeant Pharmaceuticals International, Inc.